BOV Finance Meeting Nov. 10, 2006
Summary
-Initial discussion concerning the Educational Foundation
-problems with personnel turnover in past
-book keeping problems – audits
-policy changes/procedures/controls in place?
- debt concerns vs. low levels of equity
-Brief discussion on Univ. auditor replacement
- Brief discussion on Univ. comptroller replacement
- Brief discussion on Univ. H.R. replacement
Budget Presentation w / 25% of year complete
Educational and General
2006-2007
Budget $
Actual (to date)$ %
Revenue
44.2M
36.1M
82
Expenditure 44.2M
12.8M
28
2005-2006
Budget $
45.1M
Aux Enterprises
Rev.
45.3M
Expend.
45.3M
17.7M
13.9M
39
31
44.0M
Total State
Rev.
Expend.
57.8M
28.6M
60
30
89.0M
96.4M
96.4M
Details of the Educational and General Funds 3 months ending Sept. 30
Revenues
Budget $
Actual $
% Budget
%Total
State Approp. 26.3M
26.3M
100
73
Tuition/Fee 17.9M
9.8M
55
27
Public service 0
0
0
0
Other Sources 0.07M
0.04M
59
0
Total Rev.
44.2M
36.1M
82
100
Expenditures
Budget
Instruction
22.4M
Public Service 0
Acad. Supp. 7.05M
Student Serv. 4.20M
Actual
5.28M
0
2.17M
0.87M
% Budget
24
0
31
21
%Total
43
0
18
7
2005-06
Budget
24.7M
17.0M
3.1M (Ferg. Center)
0.25M
45.1M
2005-06
Budget
19.9M
4.2M
6.5M
4.0M
Institut. Supp. 5.46M
Op.Main.Plt 5.11M
Tot. Expend. 44.2M
1.81M
2.08M
12.2M
33
41
28
15
17
100
5.1M
5.4M
45.1M
Capital Projects
E & G Facilities
Library
Stormwater
Gosnold Renov.
Academic Bldg
Budget
23.7M
1.7M
13.4M
15.4M
Actual expended
17.4M
1.47M
0.08M
0
%
74
86
1
0
Aux. Enterprise Facilities
Student Union
Residence Hall V
Parking Deck II
Freeman C. Expans.
Athletic Fac. Expans.
36.8M
25M
9.2M
7.5M
8.3M
32.3M
0
2.1M
0
0
88
0
23
0
0
*Freeman Center and Athletic Facility Expansions are supported by student fees.
Repair and Replacement and Reserves
(incls. Aux repair, maintenance reserve, capital reserve, parking reserve)
Summary:
Revenue
Expenditures
Budget
3.15M
3.15M
Actual to date
3.03M
0.16M
%
96
5%
CNU Educational Foundation
Endowment Funds at June 30, 2006
Fund
Scholarship
Professorship
Library Acquisition
Unrestricted
Quasi
Lccture Series
Total Endowment
University
#
$
26
$2,298,451
4
713,552
1
24,620
1
54,407
1
83,897
33
$3,174,927
Foundation
#
$
113
$3,946,657
2
1
50,786
100,426
1
117
62,922
$4,160,791
Total
#
$
139
$6,245,108
4
713,552
3
75,406
2
154,833
1
83,897
1
62,922
150
$7,335,718
Note: University funds were established prior to the creation of the Foundation.
Typically, only 4 to 5% of the fund is used per year to protect the principle.
Some discussion ensued concerning the number of merit vs. need – based scholarships. Encourage
the development of more need-based scholarships to potentially increase diversity of student body.
Resolution 1
Policy Addressing Textbook Sales and Bookstores – Passed.